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Finance

Colombia's First Commercial Bank to Pilot Crypto Services

Banco de Bogotá will use the test to explore business models and risks around crypto assets.

By Tanzeel Akhtar
AccessTimeIconMar 4, 2021 at 1:55 p.m. UTC
Updated May 9, 2023 at 3:16 a.m. UTC
Bogotá, Colombia
Bogotá, Colombia

A Colombian commercial bank established in 1870 is to trial cryptocurrency services through a sandbox project set up by the country’s financial regulator.

  • Banco de Bogotá said Monday the pilot program begins this month and will allow the bank to explore business models and risks associated with the handling of crypto assets, according to a Portafolio report.
  • The sandbox from the Financial Superintendence of Colombia is aimed to provide a "joint test space between the digital ecosystem and the National Government in terms of crypto assets," the news source said.
  • The bank will select a limited group of clients for the pilot, who will be given the option to make cryptocurrency deposits and withdrawals using Banco de Bogotá's mobile and virtual banking channels.
  • As reported by CoinDesk, Colombia saw major growth in cryptocurrency use as a store of wealth as well as for transactional purposes in 2020.
  • Peer-to-peer crypto marketplace LocalBitcoins said Colombia accounted for 11.3% of its global volume in 2020, making it one of the firm’s “main markets” alongside Russia and Venezuela.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.